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Questions and Answers

Common questions that those with a credit card want to know. If you have a question you would like answered, contact us here.

What is a credit card?

A credit card is any form of card which allows purchases on credit. Credit cards are usually categorised according to the issuing system. The most common credit card systems in the UK are Visa, Mastercard, and American Express.

What is the difference between a credit card and a debit card?

With credit cards, you will receive a monthly statement, which you can either pay off in part or in full. All card issuers will have a minimum monthly payment requirement, which is usually between 2 and 5% of the outstanding balance, or the full balance if you owe less than £5.

Debit cards enable you to use your current account (or some savings accounts) to make purchases. Funds are usually debited instantly, or within 2-3 days of the transaction being made.

Which type of card gives me more spending power?

With a debit card, you are restricted to the funds which are available in your bank account. With a credit card, you can spend any amount upto your available credit limit. Please read our advice guide for hints about avoiding going over your credit limit.

What is a charge card?

This is similar to a credit card, although the monthly balance must be paid in full. The main type of charge card issued to UK consumers is American Express. Most business credit cards operate as charge cards.

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